Categories: Business

SBI to invest in Yes Bank, to invest Rs 1,760 crore through FPO

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SBI to invest up to Rs 1,760 cr in Yes Bank's further public offering

new Delhi. The State Bank of India (SBI) has said that its Central Bank Executive Committee has approved the maximum investment of up to Rs 1,760 crore in the follow-on public issue (FPO) of Yes Bank. Earlier, Yes Bank said on Tuesday that it had received permission from the capital raising committee of the board of directors of the bank to receive funds through FPOs.

SBI said in a notice to the stock market that Yes Bank had on July 7 informed the stock markets about raising capital. Accordingly, the Executive Committee of the Central Board of Directors of State Bank of India has approved an investment of up to Rs 1,760 crore in the follow-on public issue of Yes Bank Ltd. in a meeting on July 8, 2020.

Yes Bank said that the meeting of the committee of the board of directors of the bank will be held on or after July 10, 2020, in which the price range and other things will be considered and approved. On March 13, the government approved a bailout plan for Yes Bank. Under this plan, Yes Bank will receive capital of around Rs 10,000 crore from eight financial institutions, including Rs 6050 crore to be provided by SBI.

This post was published on July 9, 2020 11:42 am

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